What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

Whats Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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6310 E Dove Valley Road Cave Creek, AZ 85331

$1,950,000 - 5Br/4Ba -  for Sale in Metes & Bounds, Cave Creek
Open House
$1,950,000
5 Beds
4 Baths
4,445 SqFt
Status Active
MLS # 6681590
Property Type Single Family Residence
Price Type --
True Arizona ambience offers a price Improvement so you can make this unique property your own! This exceptional custom-built 3,757 sq ft estate boasts a gorgeous main home accompanied by a full 688 sq ft guest home with full kitchen and garage! You will enjoy a wonderful pool and spa for play, relaxation or enjoying our spectacular sunsets! Summer comfort awaits with the Newer HVAC's on the main home with solar! Situated on over an acre of maintained desert landscape in the prime location of the highly sought-after N. Scottsdale/Cave Creek corridor. The captivating main residence features 4 bedrooms, 3 full bathrooms, a private executive office, and breathtaking views of Black Mountain and the Boulders. As you step into your dream home, you're greeted by a picturesque ... front courtyard adorned with custom iron gates, two outdoor fireplaces and a striking fountain. Inside, the home boasts an inviting open floor plan with rich wood flooring, beamed ceilings, and NEW custom oversized windows that frame the stunning mountain vistas. The kitchen, a chef's haven, showcases Quartz countertops, a Subzero fridge, stainless steel appliances, stylish cabinetry, and a GE Profile oven with a center island induction cooktop. The spa-inspired master ensuite offers dual sinks, a separate soaking tub, and shower, ensuring a luxurious retreat. The spacious one-bedroom guest home is strategically positioned on the property, providing separate living quarters complete with its own private driveway, single car garage, full bath, eat-in kitchen, and covered patios, catering ideally to multi-generational families, guests or even renters. It has been used as an $AirBnB$ earning an average of $3,000 per month. Outside, the sprawling resort-style backyard is an entertainer's paradise, featuring a covered patio, built-in BBQ, bar seating, and a second Kiva fireplace. Overlooking a beautifully gated, pool, spa, Baja shelf and rock waterfall, the outdoor space offers mesmerizing mountain views, complemented by custom hardscapes, lush landscaping, and extensive stone walkways, inviting you to explore your desert sanctuary. This is a must see!

24259 S 219th Way Queen Creek, AZ 85142

$1,949,995 - 3Br/4Ba -  for Sale in Caleda By Toll Brothers, Queen Creek
Open House
$1,949,995
3 Beds
3.5 Baths
3,317 SqFt
Status Active
MLS # 6741928
Property Type Single Family Residence
Price Type --
Our Caleda community favorite Triana Farmhouse MODEL HOME has been released to sell! This turnkey home is being sold with all the furnishings and decorations and is placed perfectly on an almost ¼ acre lot. The outdoor living space is filled with mature, lush landscaping and jaw dropping backyard finishes creating the perfect private oasis. The backyard can rival any resort with the exquisitely designed pool, firepit, outdoor kitchen, and covered patio. Upon entering the front of the property, you are greeted by an intimate courtyard with an exterior fireplace that is the perfect introduction to the luxurious warmth this home has to offer. This Model Home has been upgraded from floor to ceiling with every lavish feature you have come to expect from an award-winning luxury home builder!

14906 E Wildcat Drive Scottsdale, AZ 85262

$1,949,500
4 Beds
3 Baths
3,301 SqFt
Status Active
MLS # 6762766
Property Type Single Family Residence
Price Type --
Welcome to this breathtaking Ranch property on 5 acres of pristine land with a side gate entrance for effortless horse access, making it a haven for equestrian enthusiasts.With gorgeous mountain views, privacy and riding trails nearby, this beauty is one of a kind!. Over $200K was spent improving the property including grading the land, 2nd entrance road over wash & cleared 1/2 acre, new fencing with snake mesh, iron gate, 16 solar panels fully-paid for and more!

40455 N 26th Street Cave Creek, AZ 85331

$1,949,000
4 Beds
3.5 Baths
3,157 SqFt
Status Active
MLS # 6727474
Property Type Single Family Residence
Price Type --
Exquisite custom home in Cave Creek on 3.6 acres, with privacy and panoramic mountain views and no HOA. Hacienda style residence with split floor plan and spacious rooms, new hardwood floors, beams and corbels, vaulted ceilings, and elegant finishes. The master suite offers scenic views, fireplace, and spacious bathroom. The backyard is an oasis with a sparkling pool and covered BBQ area with high-grade turf and spectacular mountain scenery. Situated adjacent to Cave Creek Regional Park with extensive trails for horseback riding, hiking, and biking. Features include a horse turnout area with three covered stalls, equipped with water spigot, arena, and a tack shed. Car enthusiasts will love the 3-car garage and the permitted 3,000 sq. ft. insulated metal building which can be expanded.

1705 E Desert Mimosa Drive Payson, AZ 85541

$1,949,000
4 Beds
4 Baths
4,477 SqFt
Status Active
MLS # 6738346
Property Type Single Family Residence
Price Type --
Stately and magnificent, this mountain home features a charming guest casita adjacent to a welcoming courtyard. The main home boasts post and beam construction, vaulted wood ceilings, and Venetian plaster walls. The elegant master bedroom is complemented by an office with custom built-in cabinetry and shelving. The spacious lower level includes a guest bedroom and a wine cellar, perfect for hosting visitors. Designer touches abound in this unique home, with custom cabinets, hardwood flooring, slate flooring, and a sound system that spans the entire house. The private courtyard, enclosed by stone walls, features a fountain and an outdoor gas fireplace with its own sitting area, creating a perfect space for relaxation. Further enhancements include an additional patio area with a built-in BBQ and fire pit, ideal for entertaining guests and family while enjoying the crisp mountain air and panoramic views of the majestic Mogollon Rim. This home seamlessly blends luxury with the natural beauty of its surroundings. A NEW CONCRETE TILE ROOF WAS JUST INSTALLED IN SEPT!

351 N Sky View Street Flagstaff, AZ 86004

$1,935,000
3 Beds
3.5 Baths
4,891 SqFt
Status Active Under Contract
MLS # 6680475
Property Type Single Family Residence
Price Type --
Escape to your own secluded paradise nestled amidst 3 wooded acres, boasting breathtaking views of the majestic San Francisco Peaks. This contemporary masterpiece offers a luxurious retreat with just under 5,000 square feet of meticulously crafted living space. Step inside to discover two primary suites upstairs, an additional bedroom on the main level, and a chef's kitchen fit for culinary indulgence. Entertain in style with a separate eat-in area, formal dining room, and a spacious living room featuring a sleek wet bar, all while soaking in panoramic views through expansive windows. Experience unparalleled privacy with a gated entrance and tranquil enclosed courtyards, while the 3-car garage ensures convenience. Pamper yourself in the dedicated exercise room and unwind in the endless pool, or enjoy outdoor adventure in the dedicated dog park complete with ponds and rivers. Embrace a lifestyle of sophistication and serenity in this remarkable sanctuary, where every detail is thoughtfully designed to elevate your living experience amidst nature's splendor.

8497 E Montello Road Scottsdale, AZ 85266

$1,925,000 - 4Br/4Ba -  for Sale in Encanto Norte, Scottsdale
New
$1,925,000
4 Beds
4 Baths
3,517 SqFt
Status Active
MLS # 6765966
Property Type Single Family Residence
Price Type --
Experience the perfect blend of elegance and functionality in this meticulously designed home. The open floor plan creates a seamless flow between living spaces, making it ideal for both everyday living and entertaining. Enjoy vaulted ceilings and beautiful porcelain wood flooring throughout, with no interior steps leading to your backyard oasis. The gourmet kitchen boasts stunning quartz countertops, a custom travertine mosaic backsplash, and a built-in breakfast bar featuring a unique copper sink and faucet. Equipped with a Thermador double oven, gas cooktop, stainless-steel appliances, and a spacious walk-in pantry, this kitchen effortlessly connects to the family room, complete with a cozy gas fireplace. Retreat to the expansive primary bedroom, which offers direct access to the backyard. The luxurious primary bath features a large walk-in shower, a soaking tub, a dual vanity with maple cabinets, and a generous walk-in closet with double doors. Each additional bedroom has its own private bathroom for added convenience. Step outside to your backyard sanctuary, where you can unwind while enjoying breathtaking sunset and mountain views. The rooftop deck provides 360-degree vistas and is accessible via a spiral staircase. The outdoor space also features a sparkling pool with a grotto fountain, a sunken swim-up bar, and a 6-hole synthetic grass putting green. Complete with a covered patio and an inviting seating area with a gas firepit, this home is perfect for relaxation and entertaining alike.

4051 W Falling Leaf Road Show Low, AZ 85901

$1,925,000
3 Beds
4.5 Baths
3,910 SqFt
Status Active
MLS # 6719135
Property Type Single Family Residence
Price Type --
Retreat to the luxury of the cool White Mountains in Show Low's Torreon! One of the premier custom Cambric built homes on the Cabin golf course hole twelve. Nestled against a dreamy pond setting with fairways and water in both directions. This thoughtfully designed home has two large primary bedrooms on the main level with walk-in closets and spa retreat bathroom suites graces with gorgeous tile, stone and custom lighting. Both suites have decks with private access, see through fireplaces and ambient LED lighting. Entertain guests in this chef's kitchen with La Cornue gas range, Sub Zero refrigerator, wine steward and built-in microwave & dishwasher. Enormous kitchen pantry and additional storage under staircase. Gorgeous granite countertops with bar seating for 10 and breakfast room that boasts room enough for large dining table for dinner with family & friends! Extend your parties out to the deck overlooking the golf course. Bar-b-que on the patio or nestle up to the fireplace and roast a s'more. Upstairs is a large loft with fireplace and wet bar. Large bunkroom with four full-sized bunks. Two full bathrooms with showers for kiddos or guests and large balcony for star-gazing in the evenings. Torreon offers many country club amenities including fitness room, heated pool & spa, walking paths and two course. Invite guests to join you at one of the two restaurants or spend time at the kids club, tennis or pickle ball courts. Several memberships offered.

2926 N Valencia Lane Phoenix, AZ 85018

$1,925,000
5 Beds
4.5 Baths
3,257 SqFt
Status Active
MLS # 6754345
Property Type Single Family Residence
Price Type --
This newly constructed privately gated single-story family home sits on a 13,300 square foot lot that is walking distance to the Arizona Country Club, one of the most desirable locations in Phoenix. It offers over 3,200 sq ft of living space, 14-foot ceilings, an open floor plan, five bedrooms, 4.5 bathrooms, three fireplaces and a 3-car garage. The property offers attached guest quarters with a private entrance. Designer finishes throughout with the finest touches, including a 12 ft waterfall kitchen island, 72-inch fridge/freezer, architectural wood accents, custom tile work and fixtures, natural lighting combined with a soothing neutral paint palette, and much more! This open-floor plan home is perfect for entertaining and private living. See this exquisite, peaceful sanctuary!

39220 N 30th Drive Phoenix, AZ 85086

$1,900,000 - 4Br/6Ba -  for Sale in Custom 3800 Sqft 4 Car Garage And Attached Rv On An Acre, Phoenix
Open House
$1,900,000
4 Beds
5.5 Baths
3,800 SqFt
Status Active
MLS # 6731365
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat, where luxury meets adventure! Nestled in a secluded, gated community, this custom estate home is a haven for RV and off-road enthusiasts. With a 4-car extended-length garage and an attached RV garage, you'll have ample space to store your vehicles and gear, ready for your next journey. Step through the elegant steel and glass doors into a world of opulence. The grand entrance features soaring 12-foot ceilings and an open great room with panoramic doors that invite the outdoors in. Cozy up by the electric fireplace or enjoy the seamless flow to the expansive pavered patio, perfect for relaxing or entertaining. The chef's kitchen is a culinary masterpiece with a separate induction cook-top, wall oven, microwave, and a generous butler's pantry with sink The enormous island and matching cabinetry extend into the dining area, providing a stylish and functional space for meals and gatherings. Enjoy the seamless flow of 8-foot interior doors and wood-look plank tile throughout, enhancing the open and airy feel of the split floor plan. The primary bedroom is a retreat of its own, featuring a private exit to your personal patio and a luxurious bathroom with a large walk-in shower, large soaking tub, separate vanities, leading to a spacious closet with a dressing table that connects to the laundry room. For those who work or need extra space, there's an office/den and a convenient half bath for guests. The three guest bedrooms each come with a private en suite, ensuring comfort and privacy for all your visitors. Don't miss the additional amenities like the large, open and pavered patio with another full bathroom. As well as 400 AMP panel in the garage and the central vac system, adding convenience and efficiency to your home. This estate is more than just a home, it's a gateway to endless adventures and ultimate comfort. Make it yours and start living the life you've always dreamed of!

4502 E Calle Tuberia -- Phoenix, AZ 85018

$1,900,000
4 Beds
3 Baths
1,953 SqFt
Status Active
MLS # 6716154
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous oasis in the heart of Arcadia! Nestled on a generous .24-acre lot, this 4-bedroom, 3-bathroom home offers amazing views of Camelback Mountain. Step into the backyard and discover the lush landscaping creating a serene backdrop for outdoor gatherings and al fresco dining. The sparkling pool begs you to take a refreshing dip on hot summer days, while the meticulously manicured gardens offer a peaceful sanctuary for quiet reflection. With new A/C units and fresh exterior paint, this home is not only a feast for the senses but also a practical investment in your future. Don't miss this rare opportunity to own a piece of paradise in Arcadia.

1804 E Senna Point Payson, AZ 85541

$1,900,000
3 Beds
4 Baths
3,606 SqFt
Status Active
MLS # 6748495
Property Type Single Family Residence
Price Type --
Stunning new WTM Construction home located in the prestigious gated golf community of Chaparral Pines awaits you. This beauty is to be completed by mid-October and will display an elegant masterpiece that this builder creates including 2X6 exterior walls, spray foam insulation, concrete fiber siding, Windsor Pinnacle Series Wood Clad windows, and a 50-year GAF Roof. This single level, open split floor plan home sits on a large lot backing to 2 water ponds with a waterfall and is not to be missed. Starting with a grand front entry to the great room is a wall of windows to capture the views where you will notice a stone ceiling to floor gas fireplace highlighted by a beamed ceiling bringing it all together. Kitchen boasts SS Wolfe Subzero appliances such as a 48'' refrigerator, 48'' gas cooktop, built in oven and microwave, Sollid Brand soft close doors/drawers done in Shaker White style with black hardware, upgraded granite throughout, farm sink, an oversized kitchen island and breakfast nook which make it truly a chef's delight. Separate study/office with barn doors also has a beamed ceiling and can be a multi purpose room. Primary bedroom is a dream with a beamed ceiling and exterior doors to the back patio. Bath has dual vanities with large mirrors, walk through shower, 2 closets, and a free standing tub highlighted by a Chandelier. Guest bedrooms are both ensuites with large walk in showers and closets. Garage is oversized and can hold an RV/Boat and has epoxy floor finish and leads into a mud room/breezeway for added convenience. Flooring is all engineered wood with tile in all the wet areas. Large driveway and all patios are done in pavers. Too much to mention! Come experience this amazing build.

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